Talking Billions with Bogumil Baranowski

Beyond celebrating, holidays are often also about giving and receiving. It's a timely episode that explores both, and so much more. Jen Laun is a well-being facilitator who guides family wealth professionals and rising generation members through transformative experiential learning focused on the sacred flow of giving and receiving, spiritual capital, and helping successful wealth creators—who excel at giving—learn the equally vital practice of receiving well.3:00 - Jen shares her upbringing as an only child with loving parents who encouraged her creativity and freedom to be herself. Her Italian family background brought warmth and strong support for her natural drive and interests.5:00 - CORE CHALLENGE INTRODUCED: Jen explains why wealth creators struggle with receiving. The first step is awareness—recognizing "I don't like to receive" or "it's not easy for me to receive." She emphasizes that receiving difficulties show up in complex ways, especially when money is involved.6:30 - BREAKTHROUGH INSIGHT: "When we have trouble receiving well, it also ends up blocking what someone is trying to do by giving." Jen shares transformative story from her workshops: a generous family wealth professional whose sick daughter forced him to receive from community. The healing on his face when he realized "I'm now in a place where I'm receiving more than I'm giving out. And I need that" stayed with her for years.8:30 - THE REFRAME: Jen teaches that receiving is an act of generosity—it gives others the opportunity to give. When you're not open to receiving, you're blocking another person who may experience joy by giving. She shares how her mom used this wisdom with a cousin who struggled to let friends pay for dinner.25:00 - Jen introduces spiritual capital: the intangible resources like wisdom, presence, and authentic connection that create lasting value beyond financial wealth for families.35:00 - Jen's evolution from corporate sales to well-being facilitation, guided by curiosity and inner knowing. Her friend Sam, age six, crystallized her purpose: "Jen, you help people."45:00 - Discussion of what truly creates legacy—not what we accumulate but the wisdom, presence, and authenticity we share.57:00 - JEN'S SIGNATURE QUESTION: "Where do we grow from here?" First requires knowing where you are right now, then exploring what would support your flourishing. Jen's sprout metaphor reminds us that growth begins beneath the soil, unseen, and even tiny growth matters.59:20 - ON SUCCESS: Jen defines success as being yourself and sharing that with others. Her friend Ruth (who died at 107) always said: "Tell people about your mistakes. Be real." Success means honoring yourself entirely—the good, bad, and ugly—and being authentic.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Dave Sather is a Certified Financial Planner and founder/CEO of Sather Financial Group, a $2 billion fee-only investment management firm in Victoria, Texas, who has built authentic client relationships through disciplined value investing over 25+ years while creating the award-winning Bulldog Investment Company student internship program at Texas Lutheran University.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 - Dave shares formative childhood shaped by Depression-era parents who instilled frugality, work ethic, and educational investment. Required to save 50% of all earnings for college from early age, working multiple jobs at 14 to fund goals.6:30 - Career path story: From El Paso military town to Texas Lutheran education, initially resisting Victoria, Texas but relocating for family obligations. Started advisory firm during 1990s Texas recession when banks and real estate were collapsing.9:00 - Building relationships in small-town Victoria became competitive advantage. “If I do the right thing by my clients, word of mouth is going to take care of me.” Community connections and authentic service created organic growth without marketing spend.15:00 - Philosophy shift from finding cheap investments to recognizing exceptional value. “I can pay a premium for really good stuff that can grow for a long time versus buying things that are just cheap.”27:00 - The Bulldog Investment Company program: Student-run fund managing real money, teaching ownership and accountability. Students present investment cases, debate merits, vote democratically on portfolio decisions.42:00 - Client relationship insights: Treating wealth transitions with care, understanding accumulation psychology. “This client didn’t just wake up one day with five million dollars and decide to behave like an idiot.”54:00 - Success definition: Access to basics (water, food, healthcare, safety), meaningful work, strong marriage, 40-year friendships that pass the “2 a.m. test” - relationships where you’d help immediately without excuses.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

The Third Episode of the Series! (Scroll down the earlier ones below).Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.Available now on Excess Returns Podcast and Talking Billions. 🎧I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.In this episode of the 100 Year Thinkers, we bring together Robert Hagstrom and Chris Mayer for a wide-ranging conversation on how great investors really think. Rather than focusing on formulas, factor labels, or short-term market predictions, the discussion explores investing as a discipline grounded in philosophy, language, psychology, and long-term business fundamentals. Drawing on ideas from Warren Buffett, Charlie Munger, Bill Miller, and thinkers from outside finance, this conversation challenges many of Wall Street’s most common assumptions and offers a deeper framework for making better long-term investment decisions. Topics covered in this episodeWhy value investing has nothing to do with price to earnings or price to book ratiosThe false divide between value and growth investing and why growth is a component of valueHow abstractions and labels distort decision making in marketsGeneral semantics and how language shapes investing mistakesCharlie Munger’s concept of worldly wisdom and the latticework of mental modelsWhy reversion to the mean is a flawed way to think about marketsThe stock market as a complex adaptive system rather than a predictable machineWhy most market forecasts fail and why people still believe themMyopic loss aversion and how frequent evaluation destroys long-term returnsThe importance of time horizon, patience, and long-term compoundingHow great investors think about conviction, uncertainty, and being wrongWhen to hold through difficulty versus when to exit an investmentLessons from Buffett, Munger, and Bill Miller on thinking independentlyPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Ehsan Ehsani is executive director at Crescendo Partners, adjunct assistant professor at Columbia Business School, and author of “How Not to Be Replaced by a Spreadsheet That Talks” who uniquely bridges quantitative analysis, and traditional fundamental investing while organizing Columbia’s generative AI conference.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.https://www.tenzingmemo.com/3:00 - Born in western Iran at 14,000 feet, strict education emphasis pushed Ehsan toward chemical engineering before discovering his talents lay in management and innovation.5:30 - Winding path to NYC: Sweden and MIT master’s degrees, European consulting, project-driven relocation to New York in late 2000s.7:30 - The Prometheus Warning: AI companies like Alphabet disrupted by their own creations. “Analysts benefit from using Gen AI tools in automating repetitive activities, but by embracing such technologies, they’re working themselves out of a job.”12:00 - Sell-side blueprint: Top 10 banks had 200-300 analysts each; now 300 total combined. Buy-side headcount could drop to two-thirds or half within 20 years.18:00 - “Gen AI is transformative because it allows automation of not just repetitive tasks but core analytical functions”—fundamentally different disruption than Bloomberg or alt data.25:00 - Size advantage: Large firms will mine 15 years of institutional memory—emails, memos, channel checks—to identify patterns smaller funds can’t access.35:00 - Contrarian take: Beyond “do more with less” hype, rapid bifurcation looms: “This separation of better and worse performance will happen much faster than with previous technologies.”45:00 - Next frontier: Voice/video training. CEO says “no” versus “no...”—transcripts miss hesitation that reveals truth.55:00 - “We humans tend to forget. It’s a blessing in general, but for pieces of wisdom we read, they might not remain top of mind. AI can remind us.”60:00 - Success definition: “Tranquility and content where your values, interests, and priorities align with what you’re doing. I didn’t define it in economic form because that doesn’t embody true success.”Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

A wonderful discussion on Ritavan's podcast. Reposted here with full credit to him. Check out his show -- Part Maven, Part Maverick.I open with a story of a very memorable chance encounter with the billionaire investor and founder, Ken Langone, in my early years in New York City. We talk about trust, money, compounding, and so much more. Tune in this weekend!Bogumil Baranowski has spent two decades managing wealth for families. He speaks about how there are a thousand ways to make money, a thousand ways to live a happy life, and a thousand ways to keep and grow a family fortune, but the patterns that endure are timeless: patience, simplicity, and mindfulness.Bogumil has written 4 books, hosted the Talking Billions podcast fore more than 3 years with over 200 guests.His first book, Outsmarting the Crowd, strips investing down to its core. Stocks are not tickers; they are ownership in real businesses. Markets are emotional machines that transfer money from the impatient to the patient. Good investing isn’t about intelligence or predictions. It’s about behavior. The ability to think independently and sit still when others panic beats any complicated financial product or analysis.In Money, Life, Family, the scope expands. Making money is the easy part. Keeping it and staying grounded is harder. Bogumil breaks the pursuit into three parts:Money: Let capital compound quietly in the background.Life: Build a life you don’t need to run away or retire from.Family: Pass down discipline and values before assets.The lesson is to treat wealth as something to be maintained, not chased. Staying rich is about avoiding mistakes, not finding genius trades. Simplicity, patience, and humility win.Crisis Investing was written during COVID, when the world lost its mind. The core idea: a crisis doesn’t change your principles; it reveals whether you ever had them. Those who held cash, owned good businesses, and stayed calm survived. Those who built on leverage and noise didn’t. Survival is underrated. So is sitting still.His more recent essays refine these ideas. He moved from chasing “cheap” stocks to owning great businesses. Cheap is useless if the business is bad. Quality, held long enough, does the heavy lifting. Investing isn’t about finding magic moments. It’s about enduring long stretches of boredom without losing discipline.He also writes about the psychology of money. Wealth doesn’t change who you are; it amplifies what’s already there. If you were anxious before, money gives you new ways to worry. If you were grounded, it gives you ways to live on your terms. The fix isn’t more money; it’s clarity about what’s enough and why you’re doing any of it in the first place.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Ted Merz is a veteran media and product leader with 30+ years shaping financial journalism, rising from Bloomberg's 15th newsroom hire to Managing Editor for the Americas and leading product innovation with AI-driven analytics before co-founding Principles Media and Pricing Culture.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/Find me on Substack!3:00 - Ted discusses New York's unique advantage: unlike cities dominated by single industries (SF/tech, DC/politics, LA/entertainment), New York offers everything—tech, finance, media, advertising—creating endless opportunities to learn from the best across multiple domains.8:00 - The Bloomberg origin story: When Ted joined as the 15th hire in 1990, nobody knew it would become dominant. People questioned whether a data company had the right to produce news. Bloomberg fought for White House credentials, viewed as illegitimate by established media.15:00 - Bloomberg's founding insight: Mike Bloomberg created the first B2B SaaS company before the term existed, building a real-time financial information platform that fundamentally changed how markets consumed data.25:00 - Career transition wisdom: Your network changes dramatically when you leave big institutions. Ted learned to broaden his approach—meeting people not for immediate transactions but for perspective, serendipity, and unexpected connections.35:00 - The evolution of media: Ted emphasizes the importance of "learning in public"—creating content that reaches beyond immediate circles. Even 1,000 views represents an audience unimaginable in the 1980s.55:00 - On building networks: Don't only meet people who can hire you. Meet broadly for perspective on what you should do, how to do it, and who else is playing the game. Matt Ziegler exemplifies the "one plus one equals a thousand" connector.1:04:00 - Redefining success: Ted's perspective evolved dramatically from Bloomberg days when titles and team size mattered. Now success means doing passionate work—writing, communicating, shaping words—while making a living and meeting great people.1:06:00 - The Friday night test: Bogumil shares his realization—spending Friday evening researching a company out of pure curiosity, not obligation. When you love the process itself, you've found something meaningful.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

My appearance on Value CVille Podcast with Jeff Henriksen and Donnie Sattar.This episode explores the intersection of investing and philosophy, focusing on the role of AI in investment decision-making, the importance of understanding value beyond just financial metrics, and the emotional journey of investing.https://www.valuecville.com/podcastFull credit goes to two wonderful host: Jeff Henriksen and Donnie Sattar.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Peta Milan is the founder and principal of Dubai-based Henmel Group, a regenerative investing pioneer, award-winning filmmaker, published author, and international speaker who’s building the world’s only family office exclusively focused on regenerative investment methodology.3:00 - Peta shares her challenging childhood in a lower-middle-class family, describing how she developed the capacity to “see the truth beyond the lies” and question accepted norms from an early age.5:30 - The disruptive child: How being curious and rule-breaking created conflict with parents but developed the independent thinking that would define her career path.7:15 - Philosophy to practice: Peta explains why studying philosophy at university made “perfect sense” for business, wanting to apply learned concepts to create real-world impact rather than write books selling for 50 cents.12:00 - The evolution from ESG skepticism: After being hired by a family to develop an ESG strategy, Peta discovered the entire movement was “a complete greenwashing exercise” and began searching for genuine alternatives.18:45 - Regenerative vs. sustainability: “If you’re saying you’re doing less harm, by the very fact of that, you’re still doing harm. And so we need to start thinking differently.” The fundamental flaw in sustainability thinking.25:30 - The 10 principles of living systems: Peta introduces the regenerative methodology framework based on understanding how nature actually works, not human-imposed systems.32:15 - Indigenous wisdom integration: How working with elders from Africa, South America, and South Asia taught Peta that regenerative principles have been practiced for thousands of years.39:00 - Shocking statistics: $2 trillion spent on climate initiatives with only 1% reaching genuine systemic impact and less than 30 projects achieving scale globally.46:20 - Investment returns: Regenerative projects delivering 15-22% returns while creating systemic positive impact—proof that doing good doesn’t require sacrificing financial performance.52:45 - The embodied learning revolution: Why behavior change requires emotional and physical experience, not just data and guilt—how Einstein’s breakthroughs came as “muscle spasms.”59:00 - Henmel Group’s multiple pathways: 18-month professional certification, bioregional development programs for philanthropy, direct family office transitions, and venture studio for early-stage founders.61:05 - The planet perspective: “The planet will take care of itself if we’re gone”—a powerful reframing about what we’re actually trying to preserve.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Jim and Abigail Zimmerman are a father-daughter investment team at Lowell Capital Management, combining Jim’s two decades of disciplined value investing since founding the firm in 2003 with Abby’s research-focused approach to identifying small-cap companies with fortress balance sheets and strong free cash flow generation.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off https://www.tenzingmemo.com/3:00 - Abby shares her first stock purchase of American Eagle in middle school, using it as a gateway to understanding that investing isn’t abstract but about owning real businesses and thinking like an owner.5:21 - The Zimmermans explain their core philosophy: “simplicity is the ultimate sophistication,” emphasizing that fewer things need to go right in an investment, citing Peter Lynch’s principle that if you can’t explain what a company does to an 11-year-old in a sentence or two, you probably shouldn’t own it.8:34 - Jim discusses their strategy of buying growth companies at value prices, explaining their best investments are companies trading at 5-6x EBITDA with no debt that possess sustainable moats allowing intrinsic value to compound over time.12:00 - Discussion of the Sprouts Farmers Market case study, demonstrating how they identify turnaround situations where strong unit economics exist but the market hasn’t recognized the potential yet.28:00 - Abby explains their disciplined selling process, particularly the importance of position sizing and their “20% trim rule” when stocks appreciate significantly to maintain portfolio balance.35:00 - The team reveals their contrarian approach during market dislocations, specifically discussing how they deployed capital during the COVID crash by focusing on companies with fortress balance sheets.42:00 - Jim shares wisdom from his father Lowell: live beneath your means, invest the excess, and build things over time - the Charlie Munger approach that shaped their entire investment philosophy.51:00 - Discussion of free cash flow as the ultimate metric, with both emphasizing that businesses generating cash can survive any environment and capitalize on opportunities when competitors stumble.57:05 - Abby defines success as alignment - living in a way that reflects what matters most, building something meaningful with family, and treating others well while maintaining disciplined investing even when unpopular.1:00:24 - Bogumil adds perspective on wealth preservation across generations, noting the US uniquely allows both creation and multi-generational preservation of wealth.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Laurence Endersen is an investment professional with over 30 years of experience and author of three books, including The Compounder’s Element, who champions patient wealth building through understanding one’s natural investing temperament and staying disciplined within it.Episode Sponsor: Fiscal AI is a modern data terminal—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/EPISODE NOTES3:00 - Laurence shares formative experiences: working in his father’s TV repair shop taught him the real difficulty of earning money, while losing his mother at 13 accelerated his maturity and independence. His father’s entrepreneurial spirit and inventor grandfather sparked curiosity about how money works beyond academic theory.8:00 - Introduction to markets came through Australian state privatizations in Sydney—experiencing “day one pops” felt like magic compared to traditional work, though he admits being “curious and clueless” initially. The addiction to stock market gains revealed the difference between “power by the hour” versus “share of value” business models.13:00 - Evolution of investing philosophy: “Most of my learning has been in the last five years of those 30.” Key revelation: understanding what game you’re actually playing matters more than technical prowess. Patient compounding over long horizons (the “n” in the formula) reduces pressure on achieving exceptional returns.22:00 - The “elements” framework: investors have natural temperaments—Lar identifies as a “Compounder” focused on long-term wealth building. Mismatch between element and strategy causes problems. “If you’re always improving, your best days are always ahead.”38:00 - On competitive advantages: companies with pricing power, network effects, and multi-decade runways compound extraordinary value. “The delta between a good business and a great business is seismic over time.”52:00 - AI’s impact on investing: tools democratize analysis but won’t eliminate competitive advantages. “With these tools you’re more likely to go up to the third or fourth question—but so will everybody else.” The real edge remains knowing when you have enough information to act.68:00 - Definition of success from Stephen Covey: “Live, love, learn, and leave a legacy.” Acknowledges having “a billion heartbeats” behind him with an “indeterminable number” ahead—emphasizes time as ultimate constraint.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.Available now on Excess Returns Podcast and Talking Billions. 🎧I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.This episode of The 100 Year Thinkers brings together Robert Hagstrom, Chris Mayer, and Bogumil Baranowski for a deep conversation on what makes a great business, why long-term investing is so hard, and how the world’s best investors think about mistakes, management, conviction, and the durability of competitive advantages. We explore perfect businesses, the pain of missed opportunities, the behavioral traps that derail long-term compounding, and how to navigate rapid technological change while keeping your investment process grounded.Topics covered:• What defines a perfect business and why so few qualify• The role of capital efficiency, returns on capital, and cash generation• Why omissions are often investors’ most painful mistakes• How to build conviction to hold great companies through drawdowns• The behavioral edge of true long-term investing• Management quality, insider ownership, incentives, and red flags• Why owner earnings and free cash flow matter more than GAAP earnings• The challenge of evaluating fast-changing industries and staying within your circle of competence• How AI, networks, and scale economics reshape competitive moats• Portfolio management lessons, starter positions, and letting winners runTimestamps:00:00 Perfect businesses and long-term economics01:49 Defining the perfect stock03:27 Holding long term through volatility07:30 Behavioral inefficiencies and market structure09:15 Humanizing mistakes and decision making14:28 Errors of omission and painful missed opportunities19:00 What to look for in management24:27 Signals from financial disclosures and actions26:00 Key quantitative metrics for long-term compounders34:04 Owner earnings vs GAAP earnings37:00 Intangible investment and modern cash flow analysis38:50 Circle of competence and fast-changing industries42:00 Large language models, networks, and moats43:52 AI use cases and productivity45:00 Closing thoughts and where to find the guests46:25 Episode recap and takeawaysPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest Host: Dave Specht, senior fellow at the Drucker School of Management, two-time author, and creator of the Generational Wealth Masterclass with Jay Hughes, turns the tables to interview Bogumil using audience-submitted questions.Key Ideas:It’s Not About the Money - Despite the focus on investing and wealth management, Bogumil emphasizes that money is merely a language or gesture representing deeper human values and connections. The true value lies in human relationships, creation, and purpose.Investing as a Lifelong Pursuit - Successful investing requires consistency, patience, and a long-term perspective. Many people identify good investments but fail because they don’t hold them long enough to benefit from compounding.Quality Compounds - Great businesses continually improve their quality and service. This compounding of quality—from leadership through every level of organization—creates lasting value that investors can benefit from.Value and Price Understanding - Value investing principles are timeless because they reflect basic human decision-making. Everyone intuitively understands the relationship between value received and price paid, whether at a farmer’s market or in stock investments.Invisible Wealth Requires Communication - Modern wealth is often invisible, creating challenges for families. Not communicating about wealth with the next generation can be dangerous; gradual education and preparation are essential.The Power of Inaction - “The inaction in the world that’s demanding action might be the hardest thing to do, but the biggest value added.” Sometimes the best investment decision is to simply hold onto quality investments.AI as a Tool Not a Replacement - AI helps investors by allowing them to “zoom out” to see broad patterns and “zoom in” on specific details, but human judgment remains essential for investment decisions.Seek Businesses You’d Own and Forget - Bogumil looks for businesses with good management and prospects that he can “own and forget about,” often waiting for price breaks to acquire them at attractive valuations.Control Your Time - True success isn’t measured by titles or money but by having the freedom to control your time and pursue what brings you meaning and curiosity.The Value of Having an Advisor - Having someone who understands both the technical aspects of wealth management and the human emotional side creates tremendous value, especially during market turbulence.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Robert Karas is a Partner and Chief Investment Officer at Bank Gutmann in Vienna, Austria's oldest private bank, where he oversees investment strategies for ultra-high-net-worth clients. Robert is a seasoned investor on a lifelong journey known for his thoughtful investment philosophy and engaging market insights.3:00 - Robert describes the 1960s "paperwork crisis" when Wall Street trading volumes exploded and people physically schlepped suitcases of stock certificates along Wall Street, requiring the establishment of the Depository Trust Company in 1973.5:20 - Bogumil shares his vivid memory of holding physical account statements from decades ago, witnessing the literal doubling of family fortunes—"two turning into four, four turning into eight"—and how the tangible nature of old statements helped him grasp the true power of long-term compounding.6:45 - Discussion of Buffett's revolutionary fee structure: zero management fees, profit sharing only above hurdles, and the forgotten detail—unlimited personal liability for losses. "Talking about aligned interests... we all talk about it, but normally we do not share in the downside directly."14:30 - Robert explains why Buffett dissolved his partnerships in 1969: "He didn't want to manage other people's emotions anymore." The shift from managing external capital to managing Berkshire allowed him to focus purely on business building without quarterly redemption pressures.25:00 - The power of Buffett's language: simple, clear, authentic communication that builds trust. Robert notes how Buffett writes letters "as if he's sitting in your living room explaining things to you."38:15 - Discussion of Berkshire as more than just an investment—it becomes part of people's identities, something they want to pass to their children, transforming from a stock into a legacy vehicle.56:30 - Bogumil's insight about Omaha during the annual meeting: "There's no other place on earth that for a few days, I have more friends per square mile than anywhere else."59:00 - Final reflection on trust and doing the right thing even when nobody's watching—the essence of working with families and the true lesson from Buffett and Munger.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Please enjoy my recent appearance on Value: After Hours with Tobias Carlisle and Jake Taylor. One of my favorite interviews this season. A real weekend treat if you missed it!Guest: Bogumil Baranowski, founder of Blue Infinitas Capital, LLC, host of Talking Billions podcast, author of "Money, Life, Family," and investment professional with 20 years of experience managing multi-generational family wealth.This episode was originally aired on Value: After Hours on 11/4/2025; it's reposted here with the kind permission of the hosts.Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle and Jake Taylor. See their latest episodes at https://acquirersmultiple.com/podcastPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Rupert Mitchell is a capital markets veteran with 30 years of institutional experience across three continents who now runs Blind Squirrel Macro, combining mythology, storytelling, and contrarian thinking to help investors understand why narrative often matters more than numbers in macro investing.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 - Rupert discusses the British education philosophy: learning to learn rather than narrow vocational training, creating adaptable generalists who aren't limited by having "an amazing hammer where everything has to look like a nail"6:00 - Bearings collapse story: Fresh graduate Rupert spent his entire £400 bonus on a briefcase (still uses it 30 years later) hours before the 250-year-old merchant bank collapsed overnight due to Nick Leeson's derivatives trades11:00 - Key lesson from Bearings: "Things are never as bad as you fear or as good as you would hope" - the "we're so back, it's so over" cycle teaches moderation in expectations and avoiding extrapolation extremes16:00 - The mythology connection: Rupert's father, a military history writer, taught him that "most people don't really have a sense of history beyond about five or 10 years" - understanding cyclical patterns creates edge21:00 - Chinese EV revolution firsthand: Witnessing Mercedes lose luxury market dominance to BYD in China taught Rupert that establishment brands can fall faster than anyone expects when technology shifts33:00 - The generalist advantage: "I'm never baffled or scared of a new product, topic, market or theme" - breadth beats depth when markets constantly evolve and surprises come from unexpected directions45:00 - AI investment paradox: Despite machine learning being used in biotech for years, healthcare hasn't announced breakthrough cycles - this "monkey on my back" makes Rupert question AI hype narratives54:00 - On success: "Success has to be being proud of what you've done, right? And that's not a number. Some of the most miserable people I know are wealthier than God"Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter stock analysis. Code BILLIONS gets you an extended trial + 10% off.Daniel Rupp is the founder and chief investment officer of Parkway Capital based in Hong Kong, bringing nearly two decades of Asian value investing expertise developed during his 17-year tenure at a leading Asia-focused funds, Overlook Investments, where he honed his contrarian "farm approach" for identifying undervalued compounders across 11 Asian markets. He counts founder Richard Lawrence and longtime CIO James Squire as mentors and supporters.3:00 - Dan shares his unconventional background growing up in Boone, North Carolina, son of an English professor father and real estate agent mother.6:00 - The Blue Ridge Parkway origin story.9:30 - Core philosophy revealed.12:00 - April 2025 crisis moment.15:30 - Value with growth framework,21:00 - Asia's shocking statistic.24:00 - The farm approach.30:00 - Buyback obsession.36:00 - Portfolio composition.42:00 - China contrarian stance.45:00 - Dollar weakness as catalyst.54:00 - Three reasons to sell.57:00 - Marathon mindset.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Scott Britton is an award-winning entrepreneur who sold his startup Troops to Salesforce, discovered fulfillment's limitations through external success, and now leads Conscious Talent while hosting Evolution FM and authoring Conscious Accomplishment.3:00 - Scott discusses childhood patterns of competitive achievement through sports and school, revealing early drives toward external validation and success metrics that would later define his entrepreneurial journey.5:30 - Deep dive into repatterning work: Scott shares discovering a kindergarten bullying incident created a "worthless" core belief that unconsciously drove decades of achievement-seeking behavior he never consciously remembered.9:00 - The Salesforce acquisition revelation: Despite selling his company and achieving financial success, Scott experienced the same emotional triggers and personal problems, proving external achievement has fundamental limitations on well-being.12:00 - Introduction to the "outside-in paradigm" - the cultural conditioning that external achievements (relationships, money, status) will solve internal dissatisfaction, versus the "inside-out" approach of consciousness work.17:00 - Challenging the Eastern/Western spiritual dichotomy: Scott explains the "householder" concept - someone devoted to spiritual evolution while maintaining career, family, and financial responsibilities, not retreating to monasteries.22:00 - Key Quote: "We have a subjective experience that which we are conscious of, but there's also things that inform that subjective experience...there's a whole lot of things beyond what we can see, smell, taste, touch and hear that are creating our subjective experience."28:00 - Introduction to the Freedom Log: Scott's practical tool of documenting triggering moments (subway delays, unanswered texts, long coffee lines) to identify subconscious patterns governing automatic reactions.32:00 - Inspired Actions framework: Distinguishing between "means-to-end" actions driven by conditioning versus natural pulls toward activities that create genuine joy and curiosity, even without obvious outcomes.40:00 - The I-AWARE repatterning sequence walkthrough: Identify, Access, Welcome, Accept, Replace, Embrace - a systematic method for transforming limiting subconscious patterns through conscious intervention.47:00 - Transformational conflict: How consciousness evolution creates tension when you're changing internally but external circumstances (job, relationships, city) remain static, requiring navigation.51:00 - New success metrics beyond financial returns: evaluating life through subjective experience quality, alignment, fulfillment, and understanding rather than measurable external achievements.55:00 - Scott's definition of success: "Fulfillment, alignment and understanding...you know what they feel like."Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler. We sat down with the one and only Tobias Carlisle — investor, author, podcast host, and all-around fascinating mind whose writing and ideas have influenced my thinking at various times.He discusses his new book, which made me see Buffett’s investment approach in an entirely new light — and you’re about to discover why. I highly recommend both this episode and Toby’s book.In this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund and author of the new book “Soldier of Fortune: Warren Buffett’s Sun Tzu and the Ancient Art of Risk Taking.”Tobias joins Matt Zeigler and Bogumil Baranowski to explore how timeless strategic principles from The Art of War apply to investing and how Warren Buffett embodies many of those ideas—from invincibility and victory without conflict to the disciplined avoidance of ruin. The conversation connects Buffett’s real-world decisions—from Apple to General Re to Japan’s trading houses—to broader lessons on temperament, risk, and wisdom in markets.Available now on Excess Returns Podcast and Talking Billions. 🎧I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.Main Topics Covered• The three key ideas from The Art of War that define Buffett’s approach: invincibility, victory without conflict, and unassailable strength• Why Buffett’s General Re acquisition was a misunderstood masterstroke in defensive investing• How Buffett achieved “victory without conflict” through his massive Apple investment• The principle of via negativa — succeeding by avoiding mistakes and ruin• Temperament vs. intellect and the psychology of avoiding self-defeat• Circle of competence and why simplicity often beats complexity• Sins of omission vs. sins of commission in investing decisions• How Buffett applies wu wei (effortless action) through patience and alignment with natural forces• Lessons from Buffett’s Japanese trading house investments and moral law in business• The role of reputation, intuition (coup d’œil), and character in long-term investing• Charlie Munger’s blueprint and the strategic architecture of Berkshire Hathawayhttps://excessreturnspod.com/https://cultishcreative.com/ — everything Matt Zeigler.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack: https://bogumilbaranowski.substack.com/Ritavan is a bestselling author of "Data Impact," former CTO, and data transformation expert with a decade of operating experience across sectors including banking (Société Générale), energy trading, consulting, and real estate technology, who advocates for treating digital initiatives like value investments rather than following technology trends.EPISODE NOTES3:00 - Ritavan shares the fascinating story behind having only one name—his grandfather's generation dropped last names as part of a social reform movement to combat caste-based discrimination in India, as colonial systems had turned last names into markers of social hierarchy.7:30 - Early career journey spans math research in Paris at École Normale Supérieure, market risk at Société Générale during the 2008 financial crisis obsession, and energy trading where he cleared his trading exam within six weeks despite not knowing what a megawatt was.13:45 - The core thesis emerges: following technology trends destroys business value. Ritavan argues that constantly chasing AI, cloud, or the latest tech is like an investor jumping between market fads—you're not playing the long game or building real competitive advantage.20:30 - Revolutionary perspective on value creation paradigms throughout history: hunter-gatherers relied 40-60% on traps (automation), agriculture depended on land, industrial age on machinery and raw materials, while the digital paradigm offers zero replication costs and near-zero personalization costs.27:00 - Introduces the SLASOG framework: Save (capital preservation, avoid groupthink), Leverage (find asymmetric opportunities), Align (commander's intent), Simplify (remove clutter), Optimize (maximize returns), Compound (play the long game), Keep (retain gains).36:30 - Roger Federer insight: He won only 54% of points but 80% of games due to tennis's nonlinear scoring system—a powerful metaphor for business success requiring asymmetric opportunities, not perfection.41:00 - Teaching the first LLM-native college students: Traditional assessment is obsolete when AI can summarize and synthesize better than humans. The solution? Open-ended problems with no single answer, forcing genuine creativity and collaboration.48:30 - Napoleon's battlefield genius: treating each battle from first principles, understanding the system, finding nonlinear advantages, and pioneering "commander's intent"—ensuring even illiterate foot soldiers understood strategic goals, not just tactical orders.54:45 - The North Star metric concept: Legacy businesses obsess over EBIT (backward-looking), but digital-age companies need forward-looking metrics that quantify customer value delivery to enable rapid adaptation and compounding gains.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.https://excessreturnspod.com/https://cultishcreative.com/ — everyting Matt Zeigler.In a world that moves tick by tick and quarter by quarter, The 100-Year Thinkers zooms out to explore what it really means to invest with patience, discipline, and perspective. In this premiere episode, join Matt Zeigler, Bogumil Baranowski, Chris Mayer, and Robert Hagstrom as they discuss market concentration, the dominance of mega-cap stocks, and how investors can think in decades—not days. Together, they explore the evolution of active management, the role of the S&P 500, the challenge of private equity, and how to build portfolios that last. Topics covered Concentration and the rise of mega-cap dominance Equal-weight vs. market-cap-weighted indexes The role of the S&P 500 and how it shapes investor behavior Why the Magnificent Seven may not repeat past winners’ mistakes The differences between today’s tech leaders and the 1999 bubble The changing nature of private equity and illiquidity premiums How to define success as an investor beyond beating the index The importance of focusing on business economics over stock prices Lessons from Buffett, Bill Miller, and other long-term thinkers Timestamps 00:00 Concentration and portfolio construction 04:00 Market-cap dominance and equal vs. cap weighting 10:30 Active management, benchmarks, and the S&P 500 17:00 Economic realities of the top 10 stocks 23:00 Government policy and market intervention 26:00 Comparing 2024 to 1999 and lessons from past cycles 32:00 Innovation, Russell 2000, and private company growth 40:00 Active management and how the S&P wins 41:45 The private equity boom and its challenges 49:00 Redefining performance and investor goals 55:00 The importance of focusing on business economics 57:00 Closing thoughts and where to find the guestsPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.